§ Mr. BuchanI beg to move Amendment No. 58, in page 27, line 22, leave out ' to any subsequent security '.
I should be grateful if the House could consider, at the same time, Amendment No. 59.
§ Mr. BuchanI am much obliged.
The effect of these Amendments is to broaden the effect of Clause 41 in the light of the Amendments to Clause 12. Clause 41 picks up the purport of Clause 12 and extends it. We are applying this to the effect on the preference in ranking of any heritable security constituted by ex facie absolute disposition or assignation. At present, the Clause relates the preference to " any subsequent security ". Clause 12 has, however, been broadened to deal with the effect on the ranking preference of a security as a result not only of the creation of a subsequent security but also of any subsequent assignation or conveyance of the security subjects. We have, therefore, altered the concomitant Clause 41 to bring this in.
§ Amendment agreed to.
§ Further Amendment made: No. 59, in line 23, after ' to ', insert ' the preference in ranking of '.—[Mr. Buchan.]